Minnesota Tax Collections Beat Brand New Forecast in November
St. Paul, MN (KROC-AM News) - Minnesota tax collections last month outpaced the predictions made by the state’s brand-new State Revenue Forecast that was released earlier this month.
The State Office of Management and Budget today reported Minnesota took in just under $1.6 billion in November. That total is $54 million, or about 3.5-percent, above the level projected in the new revenue forecast.
While individual income tax payments were slightly below the forecast last month, higher than predicted sales and corporate tax collections, along with revenues from fees and other sources more than made up the $7 million income tax deficit. Corporate tax collections were more than double what was expected and accounted for $32 million of the $54 million collected by the state that exceeded expectations.